CHFA FHA Manual Underwrite (Purchase Only) loans are limited to 31/43% ratios for borrowers without scores or scores between 500-579, this is an FHA guideline that can not be waived by any lender. Borrowers are not required to have a score. Programs available are SmartStep or FirstStep for CHFA.
In addition to the manual UW requirements, LSI also requires a 12 month housing history by a private party or VOR.
If you have more than one borrower but only 1 doesnt have scores, we might still can an approved/eligible through AUS using the MDS for the borrower with scores. If we dont, then we follow the manual UW guidelines.
If you only have 1 borrower & that borrower doesnt have scores, then the same manual UW guidelines would apply.
Please see below for non-traditional credit, sufficiency of credit references requirement:
For all other borrowers with a score of 580 or higher, please see below:
Thank you,
TPO Support
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